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Prabhat Dairy gains 4% after initial fall, opens at Rs 113

It touched an intraday high of Rs 119.90, up 4.3 percent after hitting a low of Rs 112 in early trade. At 10:30 hours IST, the stock was trading at Rs 117.45, up 2 percent.

September 21, 2015 / 01:24 PM IST
 
 
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Moneycontrol Bureau


Shares of Prabhat Dairy gained strength after opening below its issue price on Monday. The stock has opened at Rs 113, down 1.7 percent compared to issue price of Rs 115 on the National Stock Exchange. Meanwhile, issue price for retail investors is Rs 110 apiece (discount of Rs 5 per share).


It touched an intraday high of Rs 119.90, up 4.3 percent after hitting a low of Rs 112 in early trade. At 10:30 hours IST, the stock was trading at Rs 117.45, up 2 percent.


Ahmednagar-based (Maharashtra) Prabhat Dairy is an integrated milk and dairy products company.


The company raised around Rs 350 crore through public issue, which comprised of fresh issue of Rs 300 crore (2.6 crore shares) and an offer for sale of 49,15,925 shares. Fresh issue proceeds will be utilised for part pre-payment of loans availed by company & its wholly owned subsidiary, SAIPL and capital expenditure.

Meanwhile, rating agency India Ratings and Research has upgraded Prabhat Dairy long-term issuer rating to A from BBB+.

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Posted by Sunil Shankar Matkar

first published: Sep 21, 2015 10:39 am

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